Things That Matter

After Their Mom’s Restaurant Shut Down, Mexican-American Twin Brothers Launched A Loan Co. To Help Latino Small Businesses Thrive

Twin brothers Sean and Kenny Salas were born in the U.S. but were forced to move to their mother’s hometown in Mexico at the age of 12 after she had to shut down her chain of Los Angeles restaurants. 

Inspired by their own financial struggles, when the Salas brothers were studying at Harvard for their MBA, they started drafting a plan to help Latinos run successful small businesses. 

In 2014 Camino Financial launched — but don’t call it just another lender. 

@caminofinancial / Instagram

“Where other lenders see numbers, we see real people and real business owners. Our efforts go beyond lending money,” said content marketing manager, Tania Chaidez Ibarra, over email. 

“We make sure to match our members with the best financing solution according to their goals, needs, and situation, and we provide them with resources and constant guidance,” she added. 

Learning first hand how the lack of information can derail a business, the Salas brothers set out to help Latinos thrive in their small businesses. 

@caminofinancial / Instagram

“There’s a lack of resources for Latinos to help them manage and grow their business. We want to change that scope and make a difference. We believe in giving back to our community. We believe Latinos are the backbone of America’s economy. Now it’s time to prove it!” said Ibarra. 

Since the launch of Camino Financial, the lending company has helped countless small businesses stay on track to meeting their goals. Some businesses not only met their goal but have also been able to give back to their communities, like Celso Hernandez who is one of Camino Financial’s newest clients. 

“He has a restaurant in a high-crime area. The improvements he made in his establishment not only attracted more clients and increased his sales, but also allowed him to create job opportunities and help his community in diverse ways,” Ibarra said.

For anyone who is considering applying for a small business loan from Camino Financial, candidates must have a business that has been in operation for nine months, compared to the two-year requirement by other lenders, and have annual gross sales of $30,000 versus $100,000 from other lenders. Camino Financial does not require a Social Security Number. 

For more information on how you can take your business to the next level, check out Camino Financial at caminofinancial.com.

Latinas In Texas Are Among The Most Affected By The Wage Gap And It’s Getting Worse

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Latinas In Texas Are Among The Most Affected By The Wage Gap And It’s Getting Worse

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According to new research, Latina workers had to work until Nov. 20, 2019, to be paid the same wages as white non-Hispanic men in 2018, and it’s even worse in Texas. Representative Lizzie Fletcher (D-Houston) highlighted that fact on Latina Equal Pay Day, Nov. 20, in a tweet. “In Texas, Latinas make less than $0.45 for every dollar a man makes. That makes us 49th in the nation. The Senate must pass the (Paycheck Fairness Act) now. Latinas deserve better — we all do,” the Representative tweeted. Texas’s House of Representatives approved the Paycheck Fairness Act, sending it to the Senate for a vote back in March. The bill has been stalled in the Senate ever since. If passed into law, the Paycheck Fairness Act would increase penalties for employers that issue discriminatory wages to their workers. The bill would also require employers to report pay information to the Department of Labor, holding employers accountable for paying Latinas unfairly.

Last year, Latina Equal Pay Day was on Nov. 1, but Latinas have to work an extra 20 days than last year to make the same as their white male counterparts.

CREDIT: @REPFLETCHER / TWITTER

Last year, Texas was “the third-worst state for Latinas when it comes to the wage gap,” Maya Raghu, the Director of Workplace Equality at the National Women’s Law Center told Houston Public Media. She added that “the wage gap for Latinas has barely budged in about 30 years.” This year, Texas is the second-worst state in America for Latinas to make a living wage. Rep. Fletcher took Latina Equal Pay Day as an opportunity to push for legislation of the Paycheck Fairness Act. Later, Rep. Fletcher clarified her statement in a follow-up tweet, saying, “Someone asked the question, so to be clear: this statistic refers to white, non-Hispanic men.”

Rep. Fletcher received plenty of backlash from Twitter trolls, who nearly cried ‘white racism’ and spewed anti-immigrant rhetoric. “Why Latinas?  Why not just level it for all????  After all Latinas are your new majority. Who will be looking after the new minority?” asked Twitter user Shifty Schiff. “NO to #LatinaEqualPayDay !! Latinas crossing the border INCREASE chances Americans will be trafficked. #BuildTheWall traitor!!” tweeted another user in response to Rep. Fletcher. Another troll tweeted, “Equal opportunity, not equal outcome.  You can’t enforce equal outcome unless you take all opportunity away from everyone. This is not the job of government!”

In fact, reports show that the pay gap widens the more educated a Latina becomes.

CREDIT: LEANIN.ORG

Unfortunately, education appears to be a key factor, robbing Latinas of opportunities to compete in higher-wage fields because of the lack of access to education. In 2013, 19 percent of all Latina-Americans aged 25-29 had completed a college degree compared to 44 percent of white women, according to a government study. When you add documentation as a factor, the statistics plummet. Still, when you control for education, the gap only gets worse, according to the Bureau of Labor statistics. Latinas in the legal field are paid an average salary of $52,477 compared to white men who earn an average of $150,487, averaging a 65 percent pay gap, according to the Bureau of Labor. While Latina CEOs and General Managers are paid 35 percent less than their white non-Hispanic male counterparts.

More than half of Latina mothers are the primary income-earners in their household, and the disparities become inherited. Over the course of her career, the average Latina would earn over $1.1 million more if paid fairly, according to the National Partnership for Women & Families April 2019 report. The report cited that “if the wage gap were eliminated, on average, a Latina working full time, year-round would have enough money to afford one of the following: more than three additional years of child care, nearly 19 additional months of mortgage payments, more than two additional years of rent, almost two years of the maximum retirement contribution to her employer-sponsored 401(k) retirement account, or more than five years of the maximum retirement contribution to her Traditional or Roth IRA account.”

Nearly 1 in 3 Americans are not even aware of the Latina pay gap, according to a LeanIn.Org/SurveyMonkey poll.

CREDIT: LEANIN.ORG

A sample of 5,690 adults polled online between Oct. 25-29, 2019 showed that nearly 1,900 surveyors were not aware of the Latina pay gap. Half of them were not aware of the pay gap between Latinas and white women. The dollar for dollar wage gap is relevant when you control for job title, education, and location, but doesn’t factor in discrimination that favors white men over Latina women for promotion. The LeanIn.org/SurveyMonkey poll found that “for every 100 men who are promoted to manager, only 68 Latinas are promoted. This ‘broken rung’ results in more Latinas getting stuck at entry-level.”

READ: Today Is The Day To Stand Up Against This Horrible Latina Wage Gap And Here’s What You Can Do To Close It

This Bank Account Was Created For Latinos By Latinos And It Helps You Take Control Of Your Financial Life

Things That Matter

This Bank Account Was Created For Latinos By Latinos And It Helps You Take Control Of Your Financial Life

If you’re first-generation, chances are your parents don’t have a lot of experience in the financial system. Most of our parents don’t have complete trust in banks and credit services here in the U.S. and you probably wish you could go with your parents to help guide them. That’s where PODERcard comes in, a completely free bank account created by Latinos to help Latinos have complete trust in their finances.

Many of us who have had a debit card and bank account probably take it for granted but today we need a debit card for just about everything including to book a rideshare to get to work. For someone on a tight budget, having a minimum maintenance fee just to have a debit card can be very expensive and even unaffordable.

PODERcard has no maintenance fee, no monthly fee and no overdraft fee. This is not common in debit cards. Again, this may not seem like a big deal but if you’re someone who is on a tight budget and it’s the end of the month, and you’re worried about making rent, these overdraft fees can leave a big dent in your account. Currently there are 19,000 ATM machines that are PODERcard friendly and these ATM machines are also free of fees.

This next benefit appeals to everyone, people on a tight budget and people with a little bit more flexibility with their spend. If you set up direct deposit, you can get your paycheck deposited up to two days faster. Who doesn’t want money sooner?

For more information on the debit card created especially for Latinos, head over to PODERcard.

Monetary perks aside, what really sets the PODERcard apart from everyone else is the special care it dedicates to its Latino clientele. If your parents open up an account with SABEResPODER and you don’t live at home, you want to make sure they’re being taken care of and this is a great card for them.

Latinos should feel comfortable having an account because there is complete access to the account via the mobile app. The app is available in Spanish, perfect for our parents who might not be completely comfortable managing an app in English. If your parents have questions about fees or any transaction, your parents can get in touch with the bank in Spanish.

People of all immigration status should feel comfortable approaching anyone at SABEResPODER. The card is available to everyone regardless of immigration status. All you need to submit is your Social Security Number or ITIN number.

SABEResPODER has plans to continue offering financial services to Latinos. They will be rolling out a service that allows you to send money to loved ones in other countries. Preferential access and rates will be available to those who have a PODERcard. Following, SABEResPODER will offer additional services to help Latinos improve their credit score and gain more knowledge about their spending power and how to get the best use of their hard-earned dollars.

In summary, here’s how PODERcard can save you money:

  • NO monthly fee
  • NO minimum balance fee
  • NO overdraft fees
  • 19,000 free ATMS that are PODERcard friendly

For more information on the debit card created especially for Latinos and how to sign up, head over to PODERcard. New users will be invited off of the waitlist starting early January, so sign up now.